The November jobs report is now out and once again, it is better than anyone even expected.
Trump always said that as president he would be good for the economy.
He has more than delivered on that promise.
Jobs growth soars in November as payrolls surge by 266,000
The jobs market turned in a stellar performance in November, with nonfarm payrolls surging by 266,000 and the unemployment rate falling to 3.5%, according to Labor Department numbers released Friday.
Those totals easily beat the Wall Street consensus. Economists surveyed by Dow Jones had been looking for solid job growth of 187,000 and saw the unemployment rate holding steady from October’s 3.6%. The decline in November’s jobless rate came amid a corresponding 0.1 percentage point drop in the labor force participation rate, to 63.2%.
Stocks opened sharply higher in reaction to the better-than-expected report. Bond yields also surged.
“Bottom line, America is working,” Larry Kudlow, director of the National Economic Council, told CNBC’s “Squawk on the Street.” “These are very strong numbers. These are happy numbers, these are sunny Friday numbers.”
The jobs growth was the best since January’s 312,000 and well clear of the November 2018 total of 196,000. While hopes already were up, much of that was based on the return of General Motors workers following a lengthy strike. That dynamic indeed boosted employment in motor vehicles and parts by 41,300, part of an overall 54,000 gain in manufacturing. The vehicles and parts sector had fallen by 42,800 in October.
Here’s a short video report:
— CNBC (@CNBC) December 6, 2019
No one can argue with numbers this good:
“It’s a blowout!”
That’s what @MariaBartiromo called November’s jobs report.
✅266,000 new jobs
✅50-year low unemployment: 3.5%
✅Historic low unemployment for women, blacks, Latinos, Asians & veterans
It’ll be a BLOWOUT next November too!
— Tim Murtaugh (@TimMurtaugh) December 6, 2019
BREAKING: The American working class boom continues with November jobs numbers demolishing market expectations. 🔥 pic.twitter.com/nk7SM8Jggu
— The White House (@WhiteHouse) December 6, 2019
You may have noticed that the Democrats running in 2020 don’t talk about this very much.
There’s a reason for that.